Canada’s six largest banks will report third-quarter fiscal 2026 earnings next week, each carrying four consecutive quarters of earnings beats against analyst estimates. The group’s shares have retreated 5% to 7% from year-to-date peaks set earlier in August, unwinding a portion of gains that ranged from 19% to 34% since January.
The reporting window opens on Monday, August 25, with Bank of Montreal and Bank of Nova Scotia scheduled to release results before the Toronto Stock Exchange open. BMO’s consensus EPS estimate stands at C$3.74, with revenue projected at C$9.70 billion, while Scotiabank’s EPS is forecast at C$2.08 with revenue of C$9.97 billion. National Bank of Canada follows on Tuesday, August 26, with an EPS estimate of C$3.18 and revenue of C$3.86 billion.
The remaining trio—CIBC, TD Bank and RBC—report on Wednesday, August 27. Consensus calls for CIBC to post EPS of C$2.50 on revenue of C$8.02 billion, TD to report EPS of C$2.45 on revenue of C$15.17 billion, and RBC to post the largest revenue print at C$18.07 billion with EPS of C$4.04.
Over the prior four quarters, RBC led with an average earnings surprise of 8.5%, followed by BMO and CIBC at 8.5% and 8.8% respectively. TD averaged 7.5% and Bank of Nova Scotia 5.9%. Analysts have revised EPS estimates higher over the past 12 months, with CIBC seeing the largest increase at 12.1%, while Scotiabank’s EPS revisions rose 5.6%.
Revenue estimates have also trended upward, led by CIBC at 8.9% and TD at 8.5%, while Scotiabank’s revenue revisions increased just 1.3%. Investors will scrutinize net interest margins, credit loss provisions and capital markets revenue as key metrics. The earnings season coincides with the Jackson Hole symposium on August 28 and elevated energy prices stemming from geopolitical tensions in Iran.
